Professional staff see better pay growth even as hiring eases off

Chris Papadopoullos was City A.M.'s economics reporter until February 2016.

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Chris Papadopoullos

PROFESSIONAL hiring rose at a slower pace in July, but pay increases picked up.

Recruiters had nine per cent more vacancies on their books in July than a year ago, according to data published today by the Association of Professional Staffing Companies (Apsco). That’s down from 12 per cent growth in June.

Median salaries across all professional sectors continued to climb, rising 7.5 per cent year-on-year, faster than in June.

“The fact that wages are climbing more rapidly than vacancy numbers is indicative of a shift towards the development and retention of star talent as the market becomes more competitive,” said Apsco boss Ann Swain.

“As the economy continues to show signs of strength, it is likely that productivity levels will begin to recover before we see any rapid increase in vacancy levels.”